|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|---------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------- |  | 
|UNITED
    STATES SECURITIES AND EXCHANGE COMMISSION |                                                                                                                                                                                                                                                                                                                                                                       | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       | 
|Washington,
    D.C. 20549                           |                                                                                                                                                                                                                                                                                                                                                                       | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|FORM
    10-K                                        |                                                                                                                                                                                                                                                                                                                                                                       | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | [X] ANNUAL REPORT UNDER SECTION
    13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                                                                                | 
|                                                     | For the
    fiscal year ended June 30, 2011                                                                                                                                                                                                                                                                                                                           |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | [   ] TRANSITION
    REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                                                                          | 
|                                                     | For the
    transition period from ________ to ________                                                                                                                                                                                                                                                                                                               |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Commission
    fle number 000-05391                                                                                                                                                                                                                                                                                                                                   |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | METWOOD,
    INC.                                                                                                                                                                                                                                                                                                                                                     |  |                    
|                                                     | (Name
    of small business issuer in its charter)                                                                                                                                                                                                                                                                                                                    |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | NEVADA                                                                                                                                                                                                                                                                                                                                                                |  | 83-0210365          |  | 
|                                                     | (State or other jurisdiction                                                                                                                                                                                                                                                                                                                                          |  | (IRS Employer       |  | 
|                                                     | of incorporation
    or organization)                                                                                                                                                                                                                                                                                                                                 |  | Identification No.) |  | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | 819 Naff
    Road, Boones Mill, VA 24065                                                                                                                                                                                                                                                                                                                              |  |                    
|                                                     | (Address
    of principal executive offices)                                                                                                                                                                                                                                                                                                                          |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | (540)
    334-4294                                                                                                                                                                                                                                                                                                                                                    |  |                    
|                                                     | (Issuer's
    telephone number)                                                                                                                                                                                                                                                                                                                                       |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Securities
    registered under Section 12(b) of the Exchange Act:                                                                                                                                                                                                                                                                                                    |  |                    
|                                                     | None                                                                                                                                                                                                                                                                                                                                                                  |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Securities
    registered under Section 12(g) of the Exchange Act:                                                                                                                                                                                                                                                                                                    |  |                    
|                                                     | $0.001
    Par Value Common Voting Stock                                                                                                                                                                                                                                                                                                                              |  |                    
|                                                     | (Title
    of Class)                                                                                                                                                                                                                                                                                                                                                  |  |                    
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Indicate
    by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes £  No S                                                                                                                                                                                                                               | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Indicate
    by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the the Act. Yes £  No S                                                                                                                                                                                                                      | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Indicate
    by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities
    Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such
    reports), and (2) has been subject to such filing requirements for the past 90 days  Yes SNo £
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Indicate by check mark if
    disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained
    herein, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by
    reference in Part III of this Form 10-K or any amendment to this Form 10-K                     
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Indicate
    by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller
    reporting company” in Rule 12b-2 of the Exchange Act.  (Check One):                                           | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 
|                                                     | Large
    accelerated     filer
    £       Accelerated
    filer         £                                                                                                                                                                                                                                                                                           |  |                    
|                                                     | Non-accelerated
    filer  £ (Do not check if a smaller reporting
    company)       Smaller reporting     company S                                                                                                                                                                                                                                                  | 
|                                                     |                                                                                                                                                                                                                                                                                                                                                                       |  |                     |  | 







|Indicate
    by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  £
    No S                                                                                        
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                           
|As
    of December 31, 2010, the aggregate market value of the 12,231,797 common shares outstanding (based upon the average of the bid
    price ($.15) reported on the OTCQB Market) held by non-affiliates was $1,834,770
|                                                                                                                                                                                                                           
|                                                                                                                                                                                                                           
|As
    of September 13, 2011, the number of shares outstanding of the registrant's common stock, $0.001 par value(the only class of voting
    stock), was 12,231,797 shares                                               





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Table of Contents








|METWOOD, INC. AND SUBSIDIARY
|----------------------------
|FORM 10-K                   
|TABLE OF CONTENTS           
|                            
|                            
|                            
|                            
|                            
|                            
|                            
|Item 1                      
|Item 1A                     
|Item 2                      
|Item 3                      
|Item 4                      
|                            
|                            
|                            
|Item 5                      
|                            
|Item 7                      
|Item 8                      
|Item 9                      
|                            
|Item 9A                     
|Item 9B                     
|                            
|                            
|                            
|Item 10                     
|Item 11                     
|Item 12                     
|                            
|Item 13                     
|                            
|Item 14                     
|                            
|                            
|                            
|Item 15                     
|                            
|Signatures                  





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|SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|This Annual
    Report on Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform
    Act of 1995 with respect to the financial condition, results of operations, business strategies, operating efficiencies or synergies,
    competitive positions, growth opportunities for existing products, and plans and objectives of management.  Statements that
    are not historical in nature and which include such words as "anticipate," "estimate," "should,"
    "expect," believe," "intend," and similar expressions are intended to identify forward-looking statements
    for the purpose of the safe harbor provided by Section 21E of the Exchange Act and Section 27A of the Securities Act                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|PART
    I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 1.  Description
    of Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Business
    Development                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The company was incorporated
    under the laws of the State of Wyoming on June 19, 1969.  Following an involuntary dissolution for failure to file an annual
    report, the company was reinstated as a Wyoming corporation on October 14, 1999.  On January 28, 2000, the company, through
    a majority shareholder vote, changed its domicile to Nevada through a merger with EMC Energies, Inc., a Nevada corporation. 
    The Plan of Merger provided for the dissenting shareholders to be paid the amount, if any, to which they would be entitled under
    the Wyoming Corporation Statutes with respect to the rights of dissenting shareholders.  The company also changed its par
    value to $.001 and the amount of authorized common stock to 100,000,000 shares                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Prior to 1990, the
    company was engaged in the business of exploring for and producing oil and gas in the Rocky Mountain and mid-continental areas
    of the United States.  The company liquidated substantially all of its assets in 1990 and was dormant until June 30, 2000,
    when it acquired, in a stock-for-stock, tax-free exchange, all of the outstanding common stock of a privately held Virginia corporation,
    Metwood, Inc. ("Metwood"), which was incorporated in 1993.  See Form 8-K and attached exhibits filed August 11,
    2000.  Metwood has been in the metal and metal/wood construction materials manufacturing business since 1992.  Following
    the acquisition, the company approved a name change from EMC Energies, Inc. to Metwood, Inc.                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Effective January
    1, 2002, Metwood acquired certain assets of Providence Engineering, PC ("Providence"), a professional engineering firm
    with customers in the same proximity as Metwood, paying $60,000 in cash and issuing 290,000 Metwood common shares to the two Providence
    shareholders (one of whom was also an officer and existing shareholder of Metwood prior to the acquisition).  These shares
    were valued at the closing quoted stock price of $1.00 per share at the effective date of the purchase.  On October 15, 2002,
    $15,000 additional cash was paid to one shareholder in exchange for the shareholder's surrender of 15,000 shares of Metwood stock,
    and $50,000 was paid to that shareholder in two installments of $25,000 each (on January 15 and April 15, 2004) for 275,000 shares. 
    All of the originally issued 290,000 shares of Metwood stock were thus repurchased.  The initial purchase transaction was
    accounted for under the purchase method of accounting







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|The consolidated company ("the Company,"
    "We," "Us," "Our") provides construction-related products and engineering services to residential
    customers and contractors, commercial contractors, developers and retail enterprises, primarily in southwestern Virginia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Principal Products or Services
    and Markets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Metwood - Residential builders
    are aware of the superiority of steel framing vs. wood framing, insofar as steel framing is lighter; stronger; termite, pest,
    rot and fire resistant; and dimensionally more stable in withstanding induced loads.  Although use of steel framing in residential
    construction has generally increased each year since 1980, many residential builders have been hesitant to utilize steel due to
    the need to retrain framers and subcontractors who are accustomed to a "stick-built" construction method where components
    are laid out and assembled with nails and screws.  The Company's founders, Robert Callahan and Ronald Shiflett, saw the need
    to combine the strength and durability of steel with the convenience and familiarity of wood and wood fasteners
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Our primary products and services are:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|·  Girders and headers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|·  Floor joists                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|·  Floor joist reinforcers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|·  Roof and floor trusses and rafters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|·  Metal framing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Metwood manufactures light-gage steel construction
    materials, usually combined with wood or wood fasteners, for use in residential and commercial applications in place of more conventional
    wood products, which are inferior in terms of strength and durability.  The steel and steel/wood products allow structures
    to be built with increased load strength and structural integrity and fewer support beams or support configurations, thereby allowing
    for structural designs that are not possible with wood-only products                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Providence - Extensively involved
    in ongoing product research and development for Metwood, Providence also offers its customers civil engineering capabilities which
    include rezoning and special use submissions; erosion and sediment control and storm-water management design; residential, commercial,
    and religious facility site development design; and utility design, including water, sewer and onsite treatment systems. 
    Providence's staff is familiar with construction practices and has been actively involved in construction administration and inspection
    on multiple projects.                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Providence also performs a variety of structural
    design and analysis work, successfully providing solutions for many projects, including retaining walls, residential framing,
    commercial building framing, light-gage steel fabrication drawings, metal building retrofits and additions, mezzanines, and seismic
    anchors and restraints                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Providence has designed numerous foundations for
    a variety of structures.  Its foundation design expertise includes metal building foundations, traditional building construction
    foundations, atypical foundations for residential structures, tower foundations, and sign foundations for a variety of uses and
    applications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    







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|Providence
    has also designed and drafted full building plans for several applications.  When subcontracting with local professional
    firms, Providence has the ability to provide basic architectural, mechanical, electrical, and detailed civil and structural design
    services for these facilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Providence has reviewed
    designs by manufacturers for a variety of structures and structural components, including retaining walls, radio towers, tower
    foundations, sign foundations, timber trusses, light-gage steel trusses, and light-gage steel beams.  This service enables
    clients to take generic designs and have them certified and approved for construction in the desired locality                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Distribution
    Methods of Products and Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Our sales are primarily
    wholesale, directly to lumberyards, home improvement stores, hardware stores, and plumbing and electrical suppliers in Virginia
    and North Carolina.  Metwood relies primarily on its own sales force to generate sales; additionally, however, the Company
    has distributors in Virginia, New York, Oklahoma, Arizona and Colorado and also utilizes the salespeople of wholesale yards stocking
    the Company's products as an additional sales force.  We are an authorized vendor for Lowe's, Home Depot, 84 Lumber, Stock
    Building Supply, ProBuild, and many more.  We have several stocking dealers of our square columns and reinforcing products. 
    We will sell directly to contractors in areas where we do not have a dealer, but with our national dealer relationships, 
    we typically  have a dealer to use.   Metwood  intends to continue expanding  the wholesale marketing
    of its unique products to retailers, to increase dealer sales, and to license the Company's technology and products to increase
    its distribution outside of Virginia, North Carolina and the South
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Status
    of Publicly Announced New Products or Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|The Company acquired
    four new patents through assignment from Robert Callahan and Ronald Shiflett, the patent holders.  All four patents reflect
    various modifications to our Joist Reinforcing Bracket which will make it even easier for tradesmen to insert utility conduits
    through wood joists.  In                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|October 2010, Metwood
    signed a letter of intent with Nuconsteel ("Nucon"), a Nucor company, to team with Nucon to increase our sales of the
    TUFFBEAM, TUFFJOIST, and RIMBEAM ("products").  We will provide, among other things, an unrestricted, exclusive
    license (except for defined Metwood territory) to Nucon to sell and manufacture all current and future products.  Nucon will
    pay us a royalty for all products manufactured by Nucon and their sub-licensees and will sell us Nucon's complete line of NUJOIST
    product at the most favorable pricing.  Nucon will also integrate Metwood into the Nucon Fabrication Network.  Nucon
    will provide us with certain equipment in exchange for the exclusive rights granted in the agreement.  The agreement will
    be in effect for two years with renewals for additional periods of one year                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Seasonality
    of Market                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Our sales are subject
    to seasonal impacts, as our products are used in residential and commercial construction projects which tend to be at peak levels
    in Virginia and North Carolina between the months of March and October.  Accordingly, our sales are greater in our fourth
    and first fiscal quarters.  We build an inventory of our products throughout the winter and spring to support our sales season. 
    Due to the seasonality of our local market, we are continuing our efforts to expand into markets that are not so seasonally impacted. 
    We have shipped projects to Florida, Georgia, South Carolina, Arizona, Washington, and more.  These markets have some seasonality,
    but increased exposure in these markets wil help maintain stronger sales year round                                                                                                                                                                                                                                                                                                                                              







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|Competition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Nationally, there
    are over one hundred manufacturers of the types of products produced by the Company.  However, the majority of these manufacturers
    are using wood-only products or products without metal reinforcement.  Metwood has identified only one other manufacturer
    in the United States that manufactures a wood-metal floor truss similar to ours.  However, we have often found that our products
    are the only ones that will work within many customers' design specs.                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Sources and
    Availability of Raw Materials and the Names of Principal Suppliers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|All of the raw materials
    we use are readily available on the market from numerous suppliers.  The light-gage metal used by the Company is supplied
    primarily by Dietrich Industries, Nuconsteel, Clark Western, and Wheeling Corrugating.  Our main source of lumber is BlueLinx. 
    Nucor and Gerdau Amersteel provide the majority of our rebar.  Because of the number of suppliers available to us, our decisions
    in purchasing materials are dictated primarily by price and secondarily by availability.  We do not anticipate a lack of
    supply to affect our production; however, a shortage might cause us to pass on higher materials prices to our buyers
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Dependence
    on One or a Few Major Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|For the fiscal years
    ending June 30, 2011 and 2010, no customer accounted for 10% or more of total sales.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Patents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|The Company has nine
    U.S. Patents:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|U.S. Patent Nos. 5,519,977 and 7,347,031, "Joist Reinforcing Bracket," a bracket that reinforces wooden joists with
    a hole for the passage of a utility conduit.  The Company refers to this as its floor joist patch kit                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|U.S. Patent No. 5,625,997, "Composite Beam," a composite beam that includes an elongated metal shell and a pierceable
    insert for receiving nails, screws or other penetrating fasteners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|U.S. Patent No. 5,832,691, a continuation in part of U.S. Patent No. 5,625,997, "Composite Beam," a composite beam that
    includes an elongated metal shell and a pierceable insert for receiving nails, screws or other penetrating fasteners                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|U.S. Patent No. 5,921,053, "Internally Reinforced Girder with Pierceable Nonmetal Components," a girder that includes
    a pair of "c"-shaped members secured together so as to form a hollow box which permits the girder to be secured within
    a building structure with conventional fasteners such as nails, screws and staples                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|U.S. Patent Nos. D472,791S; D472,792S; D472,793S; and D477,210S, all modifications of Metwood's Joist Reinforcing Bracket, which
    will be used for repairs of wood I-joists                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       





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|Each
    of the above-mentioned patents was originally issued to the inventors and Company founders, Robert Callahan and Ronald B. Shiflett,
    who licensed these patents to us                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Need
    for Government Approval of Principal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Our products must
    either be sold with an engineer's seal or applicable building code approval.  The Company's chief engineer has obtained professional
    licensure in several states, which permits products not building code approved to be sold and used with his seal.  
    We expect his licensure in a growing number of states to greatly assist in the uniform acceptability of our products as we expand
    to new markets. Currently, we are seeking International Code Council ("ICC") code approval on our joist reinforcers
    and beams.  Once that approval is obtained, our products can be used in all fifty states and will eliminate the need for
    an engineer's seal on individual products.  To date, the Company's 2x10 floor joist reinforcer has received both Bureau Officials
    Code Association approval (2001) and ICC approval (2004).
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Time
    Spent During the Last Two Fiscal Years on Research and Development Activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Approximately fifteen
    percent of our time and resources have been spent during the last two fiscal years researching and developing our metal/wood products,
    new product lines, and new patents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Costs
    and Effects of Compliance with Environmental Laws                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|We do not incur any
    costs to comply with environmental laws.  We are an environmentally friendly business in that our products are fabricated
    from recycled steel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Number
    of Total Employees and Number of Full-Time Employees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|We had eighteen employees
    at June 30, 2011, all of whom were full time                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 1A.  Risk
    Factors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Our business is subject
    to various risks, including those described below.  You should carefully consider the following risk factors and all other
    information contained in this Form 10-K.  If any of the following events or outcomes actually occurs, our business, operating
    results, and financial conditions would likely suffer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Changing economic
    conditions could materially adversely affect us - Our operations and performance depend significantly on regional and national
    economic conditions and their impact on levels of spending by our customers and end users.  Currently, those economic conditions
    have deteriorated and may remain depressed for the foreseeable future.  These changing economic conditions could have a material
    adverse effect on demand for our products and on our financial condition and operating results                                                                                                                                                                                                                                                                                                                                                





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|Current
    volatility and disruption in the capital and credit markets may continue to exert downward pressure on our stock price - The capital
    and credit markets have been experiencing extreme volatility and disruption over the past year.  Stock markets in general,
    and our stock price in particular, have experienced significant volatility over the past year.  Our stock recently traded
    at historic lows.  In the future, there can be no assurance that price volatility in the stock markets in general will abate
    or that our stock price in particular will rise.  Additionally, the volatility in the credit markets could impact our ability
    to access new financing
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|We have a history
    of operating losses and may incur future losses.  We incurred a net loss of $86,262 for the fiscal year ended June 30, 2011
    and $196,085 for the year ended June 30, 2010.  Our ability to generate significant revenues and maintain profitability is
    dependent in large part on our ability to expand our customer base; increase sales of our products to existing customers; manage
    our expense growth; enter into additional supply, license and collaborative arrangements; and successfully manufacture and commercialize
    products incorporating our technologies in new applications and in new markets                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 2.  Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|During the year ended
    June 30, 2005, we sold our facilities to a related party for $600,000 and subsequently leased the facilities back under a long-term
    lease agreement.  We now lease our facilities in Boones Mill, Virginia, which consist of corporate offices, warehouses, a
    garage/vehicle maintenance building, and other multi-use buildings.  The condition of these buildings is very good                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|We do not invest in
    real estate or interests in real estate, real estate mortgages or securities of or interests in persons primarily engaged in real
    estate activities and therefore have no policies related to such investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 3.  Legal
    Proceedings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|We are currently the
    complainant in two legal proceedings seeking to recover unpaid amounts from customers.  We are not a party to any other legal
    proceedings, nor, to the best of our knowledge, are any such proceedings threatened or contemplated                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 4.  Submission
    of Matters to a Vote of Security Holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|No matter was submitted
    to a vote during the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            









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PART II







|Item 5.  Market
    for Common Equity and Related Stockholder Matters
|---------------------------------------------------------------------





Because there is no
    active trading market for Metwood, Inc. common stock, it is difficult to determine the market value of the stock.  Based
    on the best bid price for our common stock at July 21, 2011 of $.22 per share (best ask price of $.43), the market value of shares
    held by non-affiliates would be $2,690,995.  There are no preferred shares authorized





|Our common stock is currently listed
    on the OTCQB Market, the middle tier of the OTC marketplace, under the symbol "MTWD.OB."                                                                                                                                                                                           
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                            
|The following table sets forth
    high and low bid information for each full quarterly period within the two most recent fiscal years.  These over-the-counter
    market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent
    actual transactions



|                         |  |       |       |       |       |  | 
|------------------------ |  | ----- | ----- | ----- | ----- |  | 
|Year Ended June 30, 2011 |  | High  |       | Bid   |       | 
|First Quarter            |  |       | $0.25 |       | $0.13 |  | 
|Second Quarter           |  | $0.55 |       | $0.11 |       | 
|Third Quarter            |  |       | $0.43 |       | $0.18 |  | 
|Fourth Quarter           |  | $0.43 |       | $0.21 |       | 
|                         |  |       |       |       |       |  | 
|Year Ended June 30, 2010 |  |       |       |       |       | 
|First Quarter            |  |       | $1.80 |       | $0.05 |  | 
|Second Quarter           |  | $0.10 |       | $0.07 |       | 
|Third Quarter            |  |       | $0.26 |       | $0.10 |  | 
|Fourth Quarter           |  | $0.25 |       | $0.03 |       | 
|                         |  |       |       |       |       |  | 
|                         |  |       |       |       |       |  | 



Holders

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  |  |  |  |  |  | 
|The approximate number of holders
    of record of our common stock as of September 13, 2011 was 1,114.  This number does not include an indeterminate number of
    stockholders whose shares are held by brokers in street name.  The number of stockholders has been substantially the same
    during the past ten years                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|Dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|Per the negative covenants in our
    line-of-credit agreement, we are restricted from paying dividends when any debt remains outstanding on the lines.  We have
    not paid any dividends on our common stock and do not intend to pay dividends in the foreseeable future                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|Item 7. 
    Management's Discussion and Analysis of Financial Condition and Results of Operation                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|Financial
    Condition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|We anticipate that the next twelve
    months will be a period of continued growth as we seek to further expand our presence in new markets throughout the United States
    through increased numbers of distributors, licensees and dealers.  ICC code approval is being sought for the Company's joist
    reinforcers and beams and is expected to be obtained within the coming fiscal year.  If this approval is obtained, product
    marketability would be greatly enhanced and would likely lead to higher demand.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |  |  |  | 
|Higher product demand would likely
    increase the need for more capital as inventory requirements grew, which could be met through borrowing or a stock offering. 
    No decision has been made at the present time, however, as to which means might be used to raise capital                                                                                                                                                                                                                                           





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|Results of Operations                                                        
|-----------------------------------------------------------------------------
|                                                                             
|Below are selected financial data for the years ended June 30, 2011 and 2010:



|                          |  |      |            |     
|------------------------- |  | ---- | ---------- | ----
|                          |  | 2011 |            | 2010
|Revenues                  |  | $    | 2,212,757  |     
|Net loss                  |  | $    | (86,262    | )   
|Net loss per common share |  | $    | (0.01      | )   
|Weighted average common   |  |      |            |     
|shares outstanding        |  |      | 12,231,797 |     



|At June 30, 2011 and 2010:
|--------------------------
|                          
|Total assets              
|Working capital           
|Shareholders' equity      
|                          



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |  | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  |  |  |  |  |  |  | 
|No dividends have been declared or paid during the periods presented                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |  | 
|Revenues and Cost of Sales
    - Consolidated gross sales increased slightly ($2,815, or less than 1%) for the year ended June 30, 2011 ("fiscal 2011")
    compared to the year ended June 30, 2010 ("fiscal 2010").  Construction sales consisted of product sales, engineering,
    delivery and installation fees and increased $14,224 (1%) comparing fiscal 2011 to 2010.  Engineering sales consisted of
    fees for engineering services and declined $11,409 (6%) comparing fiscal 2011 to 2010.  Gross profit increased $41,531 (5%)
    from fiscal 2010 to fiscal 2011



The slight sales increase for fiscal 2011 versus 2010 continues to reflect an ongoing general downtown in the building industry.
Although we have sold product in over twenty-five states, our local market is down more than 50%. Now the commercial market
is not overcoming some of the residential downturn. The potential for increased sales volume as the Company goes forward is
enhanced by the fact that we now have two NUFRAME and one NUTRUSS 2.0 machines and that we are an authorized fabricator for
the NUTRUSS light-gage steel truss system, begun in March 2010.



Cost of sales decreased $38,716 overall (3%) in
    fiscal 2011 compared to fiscal 2010.  On the construction side, cost of sales decreased $46,448 (4%), while cost of engineering
    sales increased $7,732 (5%).  The change in construction and engineering costs was proportional to the change in sales for
    the same period



Administrative expenses - These costs decreased $117,297, or 10%, to $1,040,238 in fiscal 2011 from $1,157,535
in fiscal 2010.  The decrease resulted from lower costs in nearly every category reported, notably payroll, insurance and
travel expenses.  We are invested in decreasing expenditures where possible in order to maximize our net earnings.





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|Other Income - Other income
    in fiscal 2011 was13,135 (47%) lower than fiscal 2010.  The decrease resulted primarily from lower customer finance charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Income Taxes - In fiscal 2011
    we recorded an income tax benefit of $54,145 compared to a tax benefit of $90,015 in fiscal 2010.  An income tax benefit
    was recognized in both fiscal years because, in addition to the book loss experienced, temporary ("timing") differences
    between book and tax income gave rise to a higher tax loss, which will be carried forward and offset future taxable income. 
    A deferred tax asset has been recorded to reflect the potential future benefit of such a carryforward.  Since the realization
    of such an asset is uncertain, we have also recorded a valuation allowance to reduce this asset to its net realizable value. 
    We decreased our deferred tax liability by $33,558 in 2011 due to a turnaround of deferred taxes previously recorded.  The
    primary components of the deferred tax liability relate to timing differences between book and tax depreciation and the treatment
    of goodwill amortization.                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Liquidity and Capital Reserves
    - Cash flows provided by operating activies in fiscal 2011 were $47,395 versus net cash used for operating activities of $73,541
    in fiscal 2010, a change of $120,936.  The increase in cash flows from operations was primarily attributable to decreases
    in inventory and an increase in depreciation and refundable income taxes.  We also used approximately $271,000 for capital
    improvements and purchases of fixed assets.  Financing activities in fiscal 2011 used $8,197 compared to $175,027 provided
    in fiscal 2010.  The main use of funds in 2011 was from amounts repaid to a related party, while funds provided in 2010 in
    financing activities were from amounts loaned to us from a related party                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|We have historically funded our cash needs through
    operating income and credit line draws as needed.  We will continue to rely on sales revenue as our main source of liquidity
    and will incur debt primarily to fund inventory purchases as sales growth produces increased product demand.  Liquidity needs
    that cannot be met by current sales revenue may also arise in certain unusual circumstances such as has previously occurred when
    rain and snow significantly slowed construction activity and resulted in a corresponding decline in demand for our products. 
    In those circumstances, debt may be added to meet our fixed costs and to maintain inventory in anticipation of a spurt in product
    demand that generally occurs once a weather-related slowdown has ended                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|On a long-term basis, we also anticipate that product
    demand will increase considerably as we continue to expand our marketing and advertising campaign, which may include the use of
    television, radio, print and internet advertising.  Efforts are well underway to increase the number of out-of-state sales
    representatives/brokers who will market our products throughout the country.  As sales increase, we can add a second shift
    to meet the additional product demand without having to use funds to expand our production facilities.  If additional cash
    becomes necessary to fund our growth, we may raise this capital through an additional follow-on stock offering rather than taking
    on more debt.  However, there can be no assurance that we will be able to obtain additional equity or debt financing in the
    future.  If we are unable to raise additional capital as needed, our growth potential will be adversely affected, and we
    would have to significantly modify our plans





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|Item
    8.  Financial Statements and Supplementary Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|REPORT OF INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|To the Board of Directors
    of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Metwood, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|We have audited the
    accompanying consolidated balance sheets of Metwood, Inc. (a Nevada corporation) and subsidiary as of June 30, 2011 and 2010,
    and the related consolidated statements of income, stockholders' equity, and cash flows for the years then ended.  These
    consolidated financial statements are the responsibility of the Company's management.  Our responsibility is to express an
    opinion on these consolidated financial statements based on our audits                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|We conducted our audits
    in accordance with auditing standards of the Public Company Accounting Oversight Board (United States).  Those standards
    require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements
    are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
    in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates
    made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide
    a reasonable basis for our opinion
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|In our opinion, the
    consolidated financial statements referred to above present fairly, in all material respects, the financial position of Metwood,
    Inc. and subsidiary as of June 30, 2011 and 2010, and the results of their operations and their cash flows for the years then
    ended in conformity with accounting principles generally accepted in the United States of America                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|/s/
    Bongiovanni & Associates, CPAs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Bongiovanni & Associates,
    CPAs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Cornelius, North Carolina                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|September
    13, 2011                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      





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|METWOOD, INC. AND SUBSIDIARY               
|-------------------------------------------
|CONSOLIDATED BALANCE SHEETS                
|JUNE 30, 2011 AND 2010                     
|                                           
|                                           
|                                           
|                                           
|                                           
|ASSETS                                     
|                                           
|Current Assets                             
|Cash and cash equivalents                  
|Accounts receivable, net                   
|Inventory                                  
|Recoverable income taxes                   
|Other current assets                       
|                                           
|Total current assets                       
|                                           
|Property and Equipment                     
|Leasehold improvements                     
|Furniture, fixtures and equipment          
|Computer hardware, software and peripherals
|Machinery and shop equipment               
|Vehicles                                   
|Land improvements                          
|                                           
|Less accumulated depreciation              
|                                           
|Net property and equipment                 
|                                           
|Other Assets                               
|Deferred tax asset                         
|Less valuation reserve                     
|                                           
|                                           
|Goodwill                                   
|                                           
|TOTAL ASSETS                               





|
|

See accompanying notes to consolidated
financial statements





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|METWOOD, INC. AND SUBSIDIARY                                  
|--------------------------------------------------------------
|CONSOLIDATED BALANCE SHEETS                                   
|JUNE 30, 2011 AND 2010                                        
|                                                              
|                                                              
|                                                              
|                                                              
|                                                              
|LIABILITIES AND STOCKHOLDERS'
    EQUITY                      
|                                                              
|Current Liabilities                                           
|Accounts payable                                              
|Note payable                                                  
|Accrued expenses                                              
|                                                              
|Total current liabilities                                     
|                                                              
|Long-term Liabilities                                         
|Note payable                                                  
|Due to related company                                        
|                                                              
|Total long-term liabilities                                   
|                                                              
|Total liabilities                                             
|                                                              
|Stockholders' Equity                                          
|Common stock ($.001 par, 100,000,000 shares authorized;       
|12,231,797 shares issued and outstanding at June
    30, 2011)
|Common stock not yet issued ($.001 par, 8,150 shares at       
|June 30, 2011)                                                
|Additional paid-in capital                                    
|Retained earnings                                             
|                                                              
|Total stockholders' equity                                    
|                                                              
|TOTAL LIABILITIES                                             
|AND STOCKHOLDERS' EQUITY                                      



See accompanying notes to consolidated
financial statements







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|METWOOD, INC. AND SUBSIDIARY              
|------------------------------------------
|CONSOLIDATED STATEMENTS OF INCOME         
|FOR THE YEARS ENDED JUNE 30, 2011 and 2010
|                                          
|                                          
|REVENUES                                  
|Construction sales                        
|Engineering sales                         
|Gross sales                               
|                                          
|Cost of construction sales                
|Cost of engineering sales                 
|Gross cost of sales                       
|                                          
|Gross profit                              
|                                          
|ADMINISTRATIVE EXPENSES                   
|Advertising                               
|Bad debt provision                        
|Depreciation                              
|Insurance                                 
|Office expense                            
|Payroll expenses                          
|Professional fees                         
|Rent                                      
|Research and development                  
|Telephone                                 
|Travel                                    
|Vehicle                                   
|Other                                     
|                                          
|Total administrative expenses             
|                                          
|Operating loss                            
|                                          
|Other income                              
|                                          
|Loss before income taxes                  
|                                          
|Income tax benefit                        
|                                          
|Net loss                                  
|                                          
|Basic and diluted deficit per share       
|                                          
|Weighted average number of shares         





See accompanying notes to consolidated
financial statements





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|METWOOD, INC. AND SUBSIDIARY                   
|-----------------------------------------------
|CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
|FOR THE YEARS ENDED JUNE 30, 2011 AND 2010     
|                                               
|                                               
|                                               
|                                               
|                                               
|                                               
|                                               
|Balances July 1, 2009                          
|                                               
|Net loss for year                              
|                                               
|Balances June 30, 2010                         
|                                               
|Net loss for year                              
|                                               
|Balances June 30, 2011                         



See accompanying notes to consolidated
financial statements





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|METWOOD, INC. AND SUBSIDIARY                             
|---------------------------------------------------------
|CONSOLIDATED STATEMENTS OF CASH FLOWS                    
|FOR THE YEARS ENDED JUNE 30, 2011 AND 2010               
|                                                         
|                                                         
|                                                         
|                                                         
|OPERATING ACTIVITIES                                     
|Net loss                                                 
|Adjustments to reconcile net loss to net cash provided by
|(used for) operating activities:                         
|Depreciation, net of property disposals                  
|Provision for deferred income taxes                      
|(Increase) decrease in operating assets:                 
|Accounts receivable                                      
|Inventory                                                
|Prepaid expenses                                         
|Refundable income taxes                                  
|Increase (decrease) in operating liabilities:            
|Accounts payable and accrued expenses                    
|Net cash provided by (used for) operating
    activities 
|                                                         
|INVESTING ACTIVITIES                                     
|Property, plant and equipment:                           
|Purchases                                                
|Property disposals                                       
|Net cash (used for) provided by investing
    activities 
|                                                         
|FINANCING ACTIVITIES                                     
|Net repayment to related party                           
|Net borrowings from vehicle financing                    
|Net cash (used for) provided by financing
    activities 
|                                                         
|Net (decrease) increase in cash                          
|                                                         
|Cash, beginning of the year                              
|                                                         
|Cash, end of the year                                    





See accompanying notes to consolidated
financial statements



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|METWOOD, INC. AND SUBSIDIARY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|JUNE 30, 2011 AND 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|NOTE 1 - ORGANIZATION AND OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Metwood, Inc. ("Metwood") was organized
    under the laws of the Commonwealth of Virginia on April 7, 1993.  On June 30, 2000, Metwood entered into an Agreement and
    Plan of Reorganization in which the majority of its outstanding common stock was acquired by a publicly held Nevada shell corporation. 
    The acquisition was a tax-free exchange for federal and state income tax purposes and was accounted for as a reverse merger in
    accordance with Accounting Principles Board ("APB") Opinion No. 16.  Upon acquisition, the name of the shell corporation
    was changed to Metwood, Inc., and Metwood, Inc., the Virginia corporation, became a wholly owned subsidiary of Metwood, Inc.,
    the Nevada corporation.  The publicly traded shell corporation had not had a material operating history for several years
    prior to the merger
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Effective January 1, 2002, Metwood acquired certain
    assets of Providence Engineering, PC ("Providence"), a professional engineering firm with customers in the same proximity
    as Metwood.  The total purchase price of $350,000 was paid with $60,000 in cash and with 290,000 shares of the Company's
    common stock to the two Providence shareholders.  These shares were valued at the closing active quoted market price of the
    stock at the effective date of the purchase, which was $1.00 per share.  One of the shareholders of Providence was also an
    officer and existing shareholder of Metwood prior to the acquisition.  The transaction was accounted for under the purchase
    method of accounting.  Liabilities assumed at the date of acquisition were identified, paid and added to goodwill                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|The consolidated company provides construction-related
    products and engineering services to residential customers and contractors, commercial contractors, developers and retail enterprises,
    primarily in southwestern Virginia.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     



Basis of Presentation - The financial statements include
the accounts of Metwood, Inc. (a Nevada corporation) and its wholly owned subsidiary, Metwood Inc. (a Virginia corporation) prepared
in accordance with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations
of the Securities and Exchange Commission. All significant intercompany balances and transactions have been eliminated.



Management’s Use of Estimates - The preparation
of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of consolidated financial statements and the reported amounts of revenues and
expenses during the reporting period. At June 30, 2010, the significant estimates used by management include the valuation of
its goodwill. Actual results could differ from those estimates.



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|Fair Value of Financial Instruments - For certain of our financial
    instruments, none of which are held for trading, including cash, accounts receivable, accounts payable and accrued expenses, and
    the bank lines of credit, the carrying amounts approximate fair value due to their short maturities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Cash and Cash Equivalents - For purposes of the Consolidated Statements
    of Cash Flows, we consider liquid investments with an original maturity of three months or less to be cash equivalents. We maintain
    our cash in bank deposit accounts, which, at times, may exceed the federally insured limit of $250,000. We have not experienced
    any losses in such accounts and believe we are not exposed to any significant credit risk on cash and cash equivalents.                                                                                                                                                                                                                                                                                                                                                                                                           | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Accounts Receivable - We grant credit in the form of unsecured accounts
    receivable to our customers based on an evaluation of their financial condition. We perform ongoing credit evaluations of our
    customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt expense, is based on management’s
    assessment of current economic conditions and historical collection experience with each customer. At June 30, 2011 and 2010,
    the allowance for doubtful accounts was $5,000 and $30,000, respectively. Specific customer receivables are considered past due
    when they are outstanding beyond their contractual terms and are charged off to the allowance for doubtful accounts when determined
    uncollectible. For the years ended June 30, 2011 and 2010, the bad debt expense was $13,332 and $36,638, respectively. | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Inventory - Inventory, consisting primarily of metal and wood raw
    materials, is located on our premises and is stated at the lower of cost or market using the first-in, first-out method.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Property and Equipment - Property and equipment are stated at cost
    less accumulated depreciation and are depreciated over their estimated useful lives using the straight-line method. Recovery periods
    range from three to thirty-nine years. Upon retirement or sale, the cost and related accumulated depreciation are removed from
    the balance sheet, and the resulting gain or loss is reflected in other income and expense. Maintenance and repairs are charged
    to operations as incurred.                                                                                                                                                                                                                                                                                                                                                                         | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Impairment of Long-lived Assets - We evaluate our long-lived assets
    for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
    may not be recoverable. Recoverability is measured by comparing the carrying amounts to the future net undiscounted cash flows
    which the assets are expected to generate. Should an impairment exist, the impairment would be measured by the amount by which
    the carrying amount of the assets exceeds the projected discounted future cash flows arising from the asset. There have been no
    such impairments of long-lived assets through June 30, 2011 and 2010.                                                                                                                                                                                              | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Patents - We have been assigned several key product patents developed
    by certain Company officers. No value has been recorded in our financial statements because the fair value of the patents was
    not determinable within reasonable limits at the date of assignment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|Goodwill - We account for goodwill and intangibles under SFAS No.
    142, “Goodwill and Other Intangible Assets.” As such, goodwill is not amortized, but is subject to annual impairment
    reviews, or more frequent reviews if events or circumstances indicate there may be an impairment. We performed our required annual
    goodwill impairment test as of June 30, 2011 using discounted cash flow estimates and found that there was no impairment of goodwill.
    The estimated fair value of the reporting unit for which goodwill was recorded, Providence Engineering, substantially exceeds
    carrying values.                                                                                                                                                                                                                                                        | 





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|Revenue Recognition - Revenue is recognized
    when goods are shipped and earned or when services are performed, provided collection of the resulting receivable is probable. 
    If any material contingencies are present, revenue recognition is delayed until all material contingencies are eliminated. 
    Further, no revenue is recognized unless collection of the applicable consideration is probable                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Income Taxes - Income taxes are accounted
    for in accordance with FASB ASC 740, Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences
    between financial and tax reporting and for net operating loss carryforwards, where applicable.  Deferred tax assets are
    reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or the entire
    deferred tax asset will not be realized.  Deferred tax assets and liabilities are adjusted for the effect of changes in tax
    laws and rates on the date of enactment                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Research and Development - We perform research
    and development on our metal/wood products, new product lines, and new patents.  Costs, if any, are expensed as they are
    incurred.  For the years ended June 30, 2011 and 2010, the expenses relating to research and development were $10,555 and
    $6,940, respectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Advertising -  We expense advertising
    costs as incurred.  However, certain expenditures are treated as prepaid (such as trade show fees) if they are for goods
    or services which will not be received until after the end of the accounting period and are subsequently recognized as expenses
    in those periods in which the goods or services are received                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Earnings Per Common Share - Basic earnings
    per share amounts are based on the weighted average shares of common stock outstanding.  If applicable, diluted earnings
    per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants
    and convertible securities, unless the effect is to reduce a loss or increase earnings per share. This presentation has been adopted
    for the years presented.  There were no adjustments required to net income for the years presented in the computation of
    diluted earnings per share                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Recent Accounting Pronouncements - In January
    2010, the FASB issued Accounting Standards Update (ASU) 2010-06, Improving Disclosures about Fair Value Measurements. This guidance
    requires new disclosures and clarifies certain existing disclosure requirements about fair value measurements. It requires a reporting
    entity to disclose significant transfers in and out of Level 1 and Level 2 fair value measurements, to describe the reasons for
    the transfers and to present separately information about purchases, sales, issuances and settlements for fair value measurements
    using significant unobservable inputs. This Update is effective for interim and annual reporting periods beginning after December
    15, 2009, with limited exceptions. The adoption did not have a material effect on our consolidated financial statements
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|In April 2010, the FASB issued authoritative
    guidance which clarifies the “Stock Compensation” guidance (ASC 718). This guidance clarifies the accounting for certain
    employee share-based payment awards. Awards with an exercise price denominated in the currency of a market in which a substantial
    portion of the entity’s equity securities trades would not be considered to contain a condition that is not a market, performance
    or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity.
    This accounting guidance is effective for accounting periods beginning on or after December 15, 2010, with earlier application
    permitted. The Company does not believe the impact of this guidance on the Company’s consolidated financial statements will
    be material





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|In July
    2010, the FASB issued Accounting Standards Update (“ASU”) 2010-20 which amends “Receivables” (Topic 310).
    ASU 2010-20 is intended to provide additional information to assist financial statement users in assessing an entity’s risk
    exposures and evaluating the adequacy of its allowance for credit losses. The disclosures as of the end of a reporting period
    are effective for interim and annual reporting periods ending on or after December 15, 2010. The disclosures about activity that
    occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010.
    The amendments in ASU 2010-20 encourage, but do not require, comparative disclosures for earlier reporting periods that ended
    before initial adoption. However, an entity should provide comparative disclosures for those reporting periods ending after initial
    adoption. The adoption of ASU 2010-20 did not have a material impact on our consolidated financial statements                                                                                                                                                                                                                           
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|In December
    2010, the FASB released ASU 2010-28 entitled “When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units
    with Zero or Negative Carrying Amounts.” The guidance released in this update amends Accounting Standards Codification (“ASC”)
    350-20, entitled “Intangibles – Goodwill and Other – Goodwill,” by addressing questions about entities
    that have reporting units with zero or negative carrying amounts. More specifically, the guidance addresses the inconsistencies
    when a reporting unit concludes that Step 1 of the test is passed (meaning no goodwill impairment is necessary) because the fair
    value of the goodwill is greater than zero, when in fact, factors indicating impairment of the goodwill may still exist. The amendments
    included in this ASU affect all entities that have recognized goodwill  and  have  one or more  reporting 
    units whose carrying amount, for purposes of performing Step 1 of the goodwill impairment test, is zero or negative.  The
    amendments  in  the  ASU   are  effective  for  public  entities whose fiscal years 
    (and interim periods within those years) begin after                                                                              
|December
    15, 2010.  Early adoption is not permitted for public entities. For non-public entities, the ASU are effective for fiscal
    years (and interim periods within those years) beginning after December 15, 2011. Non-public entities may early adopt the amendments
    using the effective dates for public entities.  We are evaluating the impact of this standard on our consolidated financial
    statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|In May 2011,
the FASB, together with the International Accounting Standards Board ("IASB"), jointly issued ASU 2011-04, "Amendments
to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS." This new guidance is the result
of a highly contested proposal issued by the FASB and IASB in August 2009. The adoption of ASU 2011-04 gives fair value the same
meaning between U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS),
and improves consistency of disclosures relating to fair value.  The provisions of ASU 2011-04 will be effective for years
beginning after December 15, 2011 for both public and nonpublic entities. Public entities will begin adoption in the first interim
period beginning after December 15, 2011. Early adoption is not permitted, except for nonpublic entities that may want to adopt
for the first interim period after December 15, 2011. Changes as a result of this new standard are to be applied prospectively.
However, changes in valuation techniques shall be treated as changes in accounting estimates.  We are in the process of evaluating
the impact the amended guidance will have on our consolidated financial statements.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        







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|In June 2011,
the FASB issued Accounting Standards Update (ASU) No. 2011-05 "Comprehensive Income (Topic 220): Presentation of Comprehensive
Income." The Update is intended to increase the prominence of other comprehensive income in financial statements.  In
U.S. GAAP, the ASU will supersede some of the guidance in Topic 220 of the accounting Codification.  The main provisions
of this Update provide that an entity that reports items of other comprehensive income has the option to present comprehensive
income in either one or two consecutive financial statements.  A single statement must present the components of net income
and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive
income.  In a two-statement approach, an entity must present the components of net income and total net income in the first
statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive
income, a total for other comprehensive income, and a total for comprehensive income.   The option  in  current
GAAP  that permits the presentation of other comprehensive income in the statement of changes in equity has been eliminated. 
The amendments in this Update should be applied retrospectively. For public entities, the amendments are effective for fiscal
years, and interim periods within those years, beginning after December 15, 2011. For nonpublic entities, the amendments are effective
for fiscal years ending after December 15, 2012, and interim and annual periods thereafter. Early adoption is permitted, because
compliance with the amendments is already permitted.  We are evaluating the impact this Update will have on our consolidated
financial statements.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|Management
    does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material
    effect on the accompanying consolidated financial statements
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







|NOTE 3 - RELATED-PARTY TRANSACTIONS                                                                                                                                                                                                                                                                       
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                          
|For the years ended
    June 30, 2011 and 2010, we had sales of $112,062 and $77,614,  respectively, to our shareholder and CEO,  Robert Callahan.  
    As of June 30, 2011 and 2010,  the related receivable was $-0-                                                                                   
|                                                                                                                                                                                                                                                                                                          
|Also, from time to
    time, we contract with a construction company 50% owned by the our CEO which provides capital improvements and maintenance work
    on our buildings and grounds.  Billings for such services during the years ended June 30, 2011 and 2010 were $-0- and $17,000,
    respectively

|
|



NOTE 4 - COMMITMENT





|In prior
    years, we implemented a stock-based incentive compensation plan for our employees.  Participating employees have an after-tax
    deduction withheld by the Company throughout the calendar year.  As of December 31 of each year, the employee is considered
    vested in the plan, and we will match the participating employee's withheld amounts.  We may also make a discretionary contribution
    based upon pay incentives or attendance.  Periodically, we will purchase restricted stock on behalf of the employee in the
    amount of his withholdings, our match, and any discretionary contributions
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|NOTE 5 - SHORT-TERM BORROWINGS AND CREDIT ARRANGEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|We have available a $600,000 revolving line of
    credit with a local bank.  Interest is payable monthly on the outstanding balance at the prime lending rate.  The note
    is secured by accounts receivable, equipment, general intangibles, inventory, and fixtures and furniture and is personally guaranteed
    by the Company's CEO.  The balance outstanding as of June 30, 2011 and 2010 was $-0-                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|NOTE 6 - EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|During the years ended June 30, 2011 and 2010,
    we did not issue any common shares for the benefit of employees included in our stock-based incentive compensation program.                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|NOTE 7 - SALE OF FIXED ASSETS AND RELATED OPERATING
    LEASE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|During the year ended June 30, 2006, we entered
    into a sales and leaseback transaction with a related party.  We sold the various buildings at our corporate headquarters
    which house our manufacturing plants, executive offices and other buildings for $600,000 in cash.  We simultaneously entered
    into a commercial lease agreement with the related party whereby we are committed to lease back these same properties for $6,600
    per month over a ten-year term expiring December 31, 2014.  Rent expense charged to operations for the years ended June 30,
    2010 and 2009 was $79,200, respectively
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Future minimum lease payments under non-cancelable
    operating leases as of June 30, 2011 are as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



|Year Ending June 30,
|--------------------
|                    
|2012                
|2012                
|2014                
|2015 and beyond     
|                    
|                    
|                    





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|NOTE 8 - INCOME TAXES                            |  |  |  | 
|------------------------------------------------ |  |  |  | 
|                                                 |  |  |  | 
|The components of income tax benefit consist of: |  |  |  | 



|                         |  | 2011 |          | 2010
|------------------------ |  | ---- | -------- | ----
|Current:                 |  |      |          |     
|Federal                  |  | $    | (113,429 | )   
|State                    |  |      | (7,303   | )   
|                         |  |      | (120,732 | )   
|Deferred:                |  |      |          |     
|Federal                  |  |      | 67,636   |     
|State                    |  |      | (1,049   | )   
|                         |  |      | 66,587   |     
|                         |  |      |          |     
|Total income tax benefit |  | $    | (54,145  | )   









The reconciliation
of the provision for income taxes at the U. S. federal statutory income tax rate of 39% to the Company's income taxes is as follows:





|                                                    |  |   |          |  
|--------------------------------------------------- |  | - | -------- | -
|Loss
    before income taxes                        |  | $ | (140,407 | )
|Income tax benefit computed at the statutory rate   |  |   | (54,758  | )
|State income tax benefit, net of federal tax effect |  |   | (5,095   | )
|Non-deductible expenses                             |  |   | 475      |  
|Effect of graduated income tax rates                |  |   | 5,233    |  
|Prior year adjustment                               |  |   | —        |  
|                                                    |  |   |          |  
|Total income
    tax benefit                        |  | $ | (54,145  | )





Deferred income
taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amount used for federal and state income tax purposes.  We have recorded a deferred tax asset
at June 30, 2011, net of a valuation reserve, of $37,060.   Deferred tax liabilities at June 30, 2010 were $49,755. 
The components of these amounts are as follows:





|                                    
|------------------------------------
|                                    
|                                    
|                                    
|Tax loss carryforward               
|Depreciation and miscellaneous      
|Amortization of goodwill            
|                                    
|Net deferred tax (asset) liabilities







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|NOTE 9 - SEGMENT INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|We operate in two principal business segments: (1)
    construction-related products and (2) engineering services.  Performance of each segment is evaluated based on profit or
    loss from operations before income taxes.  These reportable segments are strategic business units that offer different products
    and services.  Summarized revenue and expense information by segment for the years ended June 30, 2011 and 2010 is as follows:



|                             |  |      |            |     
|---------------------------- |  | ---- | ---------- | ----
|                             |  | 2011 |            | 2010
|Construction:                |  |      |            |     
|Sales                        |  | $    | 2,048,516  |     
|Cost of sales                |  |      | (1,161,821 | )   
|Intersegment expenses        |  |      | (18,693    | )   
|Intersegment revenues        |  |      | 24,000     |     
|Corporate and other expenses |  |      | (952,532   | )   
|Segment loss                 |  | $    | (60,530    | )   
|                             |  |      |            |     
|Total assets                 |  | $    | 2,200,858  |     
|Capital expenditures         |  | $    | 235,017    |     
|Depreciation                 |  | $    | 103,308    |     
|Interest expense             |  | $    | —          |     
|                             |  |      |            |     
|Engineering:                 |  |      |            |     
|Sales                        |  | $    | 164,241    |     
|Cost of sales                |  |      | (165,805   | )   
|Intersegment revenues        |  |      | 18,693     |     
|Intersegment expenses        |  |      | (24,000    | )   
|Corporate and other expenses |  |      | (18,861    | )   
|Segment income               |  | $    | (25,732    | )   
|                             |  |      |            |     
|Total assets                 |  | $    | 534,620    |     
|Capital expenditures         |  | $    | 36,345     |     
|Depreciation                 |  | $    | 13,575     |     
|Interest expense             |  | $    | —          |     





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|Item 9.  Changes in and Disagreements
    with Accountants on Accounting and Financial Disclosure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Item 9A.  Controls and Procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Our management, with the participation of our chief
    executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant
    to Rule 13a-15 under the Securities Exchange Act of 1934 as of the end of the period covered by this Annual Report on Form 10-K. In
    designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter
    how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition,
    the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management
    is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Based on our evaluation, our chief executive
    officer and chief financial officer concluded that our disclosure controls and procedures as of June 30, 2011, were designed at
    a reasonable assurance level and were effective to provide reasonable assurance that information we are required to disclose in
    reports that we file or submit under the Exchange Act was recorded, processed, summarized and reported within the time periods
    specified in Securities and Exchange Commission rules and forms, and that such information was accumulated and communicated to
    our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding
    required disclosure.                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|We regularly review our system of internal control
    over financial reporting to ensure we maintain an effective internal control environment. As we grow geographically and with new
    product offerings, we continue to create new processes and controls as well as improve our existing environment to increase efficiencies.
    Improvements may include such activities as implementing new, more efficient systems, consolidating activities, and migrating
    processes.                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|There were no changes in our internal control over
    financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially
    affect, our internal control over financial reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Item 9B.  Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     





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|PART
    III                                                                                                                                                                                                                                                                                                                                                                                                                         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Item 10.  Directors, Executive
    Officers and Corporate Governance                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Identification of Directors
    and Executive Officers                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|The following table sets forth the names and the
    nature of all positions and offices held by all directors and executive officers of the Company for the year ending June 30, 2011
    and to the date of the filing of this report and the periods during which each such director or executive officer has served in
    his respective positions:                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Name                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Robert M. Callahan                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Mr. Callahan has been involved
    in the building industry for over thirty years.  He is well recognized in southwestern Virginia as an innovator in the uses
    of passive solar design and wood/metal products in custom home building.  Along with Mr. Ronald Shiflett, he formed Metwood,
    Inc. in 1993 to bring light-gage construction, used in commercial building for years, into common use in residential construction
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Shawn A. Callahan                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Education:                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Since starting with Metwood, Inc.
    in May 1996, Mr. Callahan has played a major role in the restructuring of the Company, increasing production, improving efficiency,
    and developing computer aids for the Company                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Term of Office                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|The term of office of the current directors shall
    continue until new directors are elected or appointed                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Family Relationships                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Robert Callahan is the father of Shawn Callahan                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Involvement in Certain Legal Proceedings                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Except as indicated below and to the knowledge
    of management, during the past five years, no present or former director, person nominated to become a director, executive officer,
    promoter or control person of the Company:                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(1) was a general partner or executive officer
    of any business by or against which any bankruptcy petition was filed, whether at the time of such filing or two years prior thereto;                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(2) was convicted in a criminal proceeding or named
    the subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);                                                                                                                                                                                                                                                                        





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|(3) was the subject of any order, judgment or decree,
    not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining,
    barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;                                                                                                                                                                
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(4) was the subject of any order, judgment or decree,
    not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for
    more than sixty days the right of such person to engage in any activity described above under this Item, or to be associated with
    persons engaged in any such activity; or                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(5) was found by a court of competent jurisdiction
    (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities
    or commodities law, nor has a judgment been reversed, suspended, or vacated                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Compliance with Section 16(a) of the Exchange
    Act                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Section 16(a) of the Securities Exchange Act of
    1934, as amended, requires the Company's directors, officers and persons who own more than 10% of the Company's common stock or
    other registered class of equity securities to file reports of ownership and changes in ownership with the Securities and Exchange
    Commission.  Officers, directors and greater than 10% shareholders are required to furnish us with copies of all Section
    16(a) forms they file
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Based solely on a review of the forms received
    covering purchase and sale transactions in the Company's common stock during the fiscal year ended June 30, 2011, the Company
    believes that each person who, at any time during that period, was a director, executive officer, or beneficial owner of more
    than 10% of the Company's common stock complied with all Section 16(a) filing requirements                                                                





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|Item 11.  Executive Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- | ------------- | ------- | ---------- | -------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|The following table sets forth in summary form
    the compensation received during each of the Company's last three fiscal years by our President and Chief Executive Officer, Robert
    M. Callahan:                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Summary
    Compensation Table                                                                                                                                                                                                |         |              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               | Other   | Restricted |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Fiscal                                                                                                                                                                                                                        | Annual  |               | Compen- | Stock      | LTIP   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Year                                                                                                                                                                                                                          | Salary  | Bonuses       | sation  | Awards     | Options
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         | (1)           | (2)     | (3)        | (4)    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2011                                                                                                                                                                                                                          | $90,217 | $  
    7,200 | -0-     | -0-        | -0-    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2010                                                                                                                                                                                                                          | $98,126 | $  
    2,400 | -0-     | -0-        | -0-    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2009                                                                                                                                                                                                                          | $81,832 | $  -0-        | -0-     | -0-        | -0-    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The dollar value of bonuses (cash and non-cash)
    received                                                                                                                                                                  |         |              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | During the periods covered
    by the table, the Company did not pay any other annual compensation not properly categorized as salary or bonus, including perquisites
    and other personal benefits, securities or property |         |              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|(3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | During the periods covered
    by the table, the Company did not make any award of restricted stock                                                                                                                           |         |              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|(4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The Company currently has no
    stock option or restricted stock bonus plans                                                                                                                                                 |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|No member of our management has been granted any
    option or stock appreciation right; accordingly, no tables relating to such items have been included within this item                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|Compensation of Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                               |         |               |         |            |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|There are no standard arrangements pursuant to
    which our directors are compensated for any services provided as director.  No additional amounts are payable to our directors
    for committee participation or special assignments                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|There are no arrangements pursuant to which any
    of our directors was compensated during our last completed fiscal year or the previous two fiscal years for any services provided
    as director                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|Termination of Employment and Change of Control
    Arrangement                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                               |         |               |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                               |         |               |         |            |        
|There are no compensatory plans or arrangements,
    including payments to be received from the Company, with respect to any person named in the Summary Compensation Table set out
    above which would in any way result in payments to any such person because of his resignation, retirement or other termination
    of such person's employment with the Company or its subsidiaries, or any change in control of the Company, or a change in the
    person's responsibilities following a change in control of the Company





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|Item 12.  Security Ownership
    of Certain Beneficial Owners and Management and Related Stockholder Matters                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                      
|Security Ownership of Certain Beneficial
    Owners                                                                                                                                                   
|                                                                                                                                                                                                      
|The following table sets forth the shares held by
    those persons who owned more than five percent of Metwood's common stock as of September 13, 2011, based upon 12,231,797 shares
    outstanding:
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|Security Ownership of Management                                                                                                                                                                      
|                                                                                                                                                                                                      
|The following table sets forth the shares held by
    Metwood directors and officers as of September 13, 2011:                                                                                        
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|                                                                                                                                                                                                      
|Changes in Control                                                                                                                                                                                    
|                                                                                                                                                                                                      
|We know of no contractual arrangements which may
    at a subsequent date result in a change of control in the Company                                                                                





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|Item 13.  Certain Relationships
    and Related Transactions, and Director Independence                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Following are the transactions between Metwood and
    members of management, directors, officers, 5% shareholders, and promoters of Metwood:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|We contract with a construction company 50% owned
    by our CEO which provides capital improvements and maintenance work on ourbuildings and grounds.                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|During the year ended June 30, 2006, we entered
    into a sales and leaseback transaction with a related party.  We sold the various buildings at our corporate headquarters
    which house our manufacturing plants, executive offices and other buildings for $600,000 in cash.  We simultaneously entered
    into a commercial lease agreement with the related party whereby we are committed to lease back these same properties for $6,600
    per month over a ten-year term expiring December 31, 2014.  Rent expense charged to operations for the years ended June 30,
    2011 and 2010 was $79,200, respectively
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Continued education loans were advanced to our CFO
    during the year ended June 30, 2010 in the amount of $13,626.  The outstanding balances at June 30, 2011 and 2010 were $-0-
    and $8,575, respectively.                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Item 14.  Principal Accounting Fees and Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|The following table sets forth the aggregate fees
    billed or to be billed by Bongiovanni & Associates, CPAs for audit services rendered in connection with the consolidated financial
    statements and reports for the years ended June 30, 2011 and 2010:                                                                                                                                                                                                                                                                                                                                                                



|                   |  |      |        |     
|------------------ |  | ---- | ------ | ----
|                   |  | 2011 |        | 2010
|Audit fees         |  | $    | 15,500 |     
|Audit-related fees |  |      | —      |     
|Tax fees           |  |      | —      |     
|All other fees     |  |      | 5,550  |     
|                   |  |      |        |     
|Total fees         |  | $    | 21,050 |     



|                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|Audit fees:  Consist of
    fees billed for professional services rendered for the audits of our consolidated financial statements and reviews of the interim
    consolidated financial statements included in quarterly reports and services that are normally provided by our auditors in connection
    with statutory and regulatory filings or engagements and attest services, except those not required by statute or regulation
|                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  | 
|Audit-related fees:  Consist
    of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our
    consolidated financial statements and are not reported under "Audit fees."  These services include accounting consultations
    in connection with the Sarbanes-Oxley Act of 2002                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  | 
|Tax fees:  Consist of fees
    billed for tax compliance, tax advice and tax planning services                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  | 
|All other fees:  Consist
    of fees billed for all other services other than those reported above                                                                                                                                                                                                                                                                                                                                      





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|PART IV                                                            
|-------------------------------------------------------------------
|                                                                   
|ITEM 15.  EXHIBITS AND FINANCIAL
    STATEMENT SCHEDULES           
|                                                                   
|                                                                   
|NUMBER                                                             
|                                                                   
|3(i)*                                                              
|                                                                   
|3(ii)*                                                             
|                                                                   
|31.1                                                               
|                                                                   
|31.2                                                               
|                                                                   
|32                                                                 
|                                                                   
|*Incorporated by reference on Form 8-K, filed February
    16, 2000





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|SIGNATURES                                                                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                  
|In accordance with Section 13 or 15(d) of the Exchange
    Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized
|                                                                                                                                                                                  
|Date:  September 13, 2011                                      
    /s/  Robert M. Callahan                                                                                       
|Robert M. Callahan                                                                                                                                                                
|President, CEO and Director                                                                                                                                                       
|                                                                                                                                                                                  
|                                                                                                                                                                                  
|                                                                                                                                                                                  
|Date:  September 13, 2011                                      
    /s/  Shawn A. Callahan                                                                                        
|Shawn A. Callahan                                                                                                                                                                 
|Secretary/Treasurer/CFO and Director